Engagement Session with Insurance Authority on Matters of Industry Concern
Previously, the Hon KP Chan and the Hon PL Chan facilitated a discussion with HKFI Members on how the industry can overcome major business challenges with the support and guidance of the regulator. The views and opinions gathered from the industry were then relayed to the Insurance Authority (IA).
On 28 June 2024, an engagement session was convened in conjunction with the two Legco members to follow up on the industry’s previous submission. During the session, IA CEO Mr Clement Cheung and his team of senior executives disseminated IA’s response to the industry’s views and interacted with our Members on areas of concern.
Shenzhen-Hong Kong Financial Co-operation Committee Established
On 13 June 2024, the Shenzhen-Hong Kong Financial Co-operation Committee has been established and convened the inaugural meeting in Hong Kong. The Committee brought together the Government, the community and business sectors to provide insights and suggestions on Shenzhen-Hong Kong financial co-operation and the development of financial infrastructure of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
HKFI Chief Executive Ms Selina Lau was appointed by the Secretary for Financial Services and the Treasury of the HKSAR Government as a Member of the Committee. At the said meeting, she provided an update about the progress made so far on the establishment of the GBA after-sales service centers, and emphasized the pivotal role that the Hong Kong insurance industry can play as a risk management hub for the nation.
Meeting with Belt and Road Commissioner
ICode of Practice on Person-toPerson Marketing Calls
n April 2023, we released the HKFI Think Tank Proposals outlining recommendations to revitalize Hong Kong's status as an international insurance and risk management hub. Since then, we have continued our lobbying efforts with the government and relevant stakeholders to advocate for the implementation of these proposals.
On 12 June 2024, we met with the Belt and Road Office Commissioner Mr Nicholas Ho to discuss the strategic positioning of insurance sector in the Belt and Road initiative and the possible collaboration opportunities. During the meeting, we also explored the potential benefits of developing captive insurance, Contractor's All Risks (CAR) insurance of infrastructure projects, marine insurance, insurancelinked securities, and boosting Hong Kong's underwriting capacity, etc.
The insurance industry was among the first four sectors which adopted a best practice on Person-to-Person (P2P) marketing calls when we introduced the captioned Code of Practice (CoP) in 2011.
Recently, at the invitation of the Commerce and Economic Development Bureau (CEDB) and the Office of the Communications Authority (OFCA), we have made relevant enhancements to the existing CoP to limit the number of P2P marketing calls made to the same telephone number and have telemarketers to take initiative in providing their full name to the call recipients.
As one of the supporting organizations, HKFI received a commendation certificate from the CEDB on 26 June 2024. We will continue collaborating with the Administration to bolster the public’s trust and confidence in the industry at large.
Insurance Fraud Prevention Claims Database
At the meeting held on 11 June 2024, Mr Philip Kent and Mr PL Chan were elected Chairman and Deputy Chairman of the Insurance Fraud Prevention Claims Database (IFPCD) Executive Committee respectively.
The IFPCD has arranged the solution provider Shift Technology to conduct a face-to-face briefing on travel business solution for Members on 10 July 2024. We firmly believe that industry collaboration is the key to effectively curbing the common challenge of opportunistic and syndicated fraudulent claims in the travel insurance business. We strongly encourage all industry stakeholders to join forces in combating fraud and join the upcoming briefing session (Circular Ref: Mv049/24).
Enhanced Training Features
Brand New e-Course on Critical Illness in China Definitions
Insurance
intermediaries can now take an e-Course titled “Guidelines for the Use of Disease Definitions in China’s Critical Illness Insurance in 2020” on our eLearning platform. This 1-CPD hour e-Course is designed to equip insurance intermediaries with professional knowledge, enabling them to provide better and more professional services to policyholders from different regions. With the launch of the new e-Course, our platform now offers a total of 5 e-Courses, providing 4.5 CPD hours for insurance intermediaries to learn at their own convenience. Out of the 4.5 CPD hours, 3.5 hours are categorized as “Ethics or Regulations”.
Share Your Training Outcome Digitally
At HKFI, we are constantly striving to enhance the quality and feature of our training offerings. Beyond introducing new course modules, we are continuously exploring new ways to encourage more industry practitioners to participate in our programs.
Our latest endeavour is allowing course participants to digitally share their certificates of completion on social media platforms. By linking the certificates directly to their LinkedIn profiles, participants can effortlessly update their online credentials and build their industry reputation. We are excited to support our members' continuous learning journeys and help them grow their skills and expertise. We look forward to having you join our upcoming training courses!
EAIC 2024 Hong Kong Conference
To enable more interested parties joining this signature event at a preferential rate, we have extended the early bird registration deadline to 12 July 2024. Make good use of the discounted rates and sign up for this flagship event now!
Be immersed in the unique Hong Kong experience! Be part of the EAIC 2024 Hong Kong Conference!
ICB Annual Report 2023/2024
TThe Hong Kong Insurance Awards 2024 is calling for applications!
Application deadline is 31 July 2024. Submit your entries now to showcase your outstanding accomplishments and successful stories for the period between 1 July 2023 and 30 June 2024. The Awards Presentation Ceremony cum Gala Dinner will be held on 24 October 2024. For details, please visit our official website or contact us at 2565 2461 / 6602 3462 for any enquiries.
he latest Insurance Complaints Bureau (ICB) Annual Report 2023/2024 has been released and can be downloaded from the website of ICB. Members may also click here for a glance and learn more about the latest updates of ICB.
